Fatca may divert investor flows from US: BlackRock
The firm warns of a significant cost impact along the entire asset management chain and says prompt resolution is needed.
The asset management industry is challenged with reaching an agreement quickly over “who should invest what” in preparation for implementing the 30% withholding requirements under the Foreign Account Tax Compliance Act (Fatca).
Mark Oh, director and head of tax for Asia-Pacific at BlackRock, sees the nature of Fatca as having a significant cost impact for everyone in the asset management chain, from product manufacturing and distribution through to asset safe-keeping and servicin…
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